Rendezvous Hotel, a property of Far East Hospitality Trust. (Google Maps)Rendezvous Hotel, a property of Far East Hospitality Trust. (Google Maps)

Far East Hospitality Trust (Far East H-Trust) has registered a 27.8% increase in gross revenue for its FY 2023, which came in at SGD106.8 million.

As a result, the trust’s net property income grew 27.7% to SGD98.7 million.

This subsequently resulted in a higher income available for distribution of SGD75.1 million, representing a year-on-year growth of 27.3%.

The trust’s full-year distribution per security (DPS) increased by 25.1% to 4.09 cents.

“In 2023, Far East H-Trust’s hotels and serviced residences displayed a strong recovery. For the full year, the trust achieved a distribution income that surpassed the pre-pandemic level in 2019”, said Gerald Lee, CEO of the trust’s manager.

“Building on the various efforts undertaken in the last few years, including optimising the performance of our assets, crystalising value through the strategic divestment of Central Square as well as prudent capital management amidst the high inflationary and interest rate environment, the trust is well positioned to ride on further recovery of the hospitality sector”.

“While challenges remain in the short to medium term, the manager will continue to explore all opportunities to further grow revenue and distribution to stapled secuityholders in the year ahead”, he added.

Far East Hospitality Trust was last done on the Singapore Exchange at SGD0.635, which presently implies a distribution yield of 6.44% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.